Yes it still would work because you'd have your guard up, but if you're generally taller than most of your opponents, then all you have to do to avoid shots is to take a step back / slip / lean back slightly/ pivot to the side.

You shouldn't really bob and weave unless your opponent is same height or taller than you.

try going up to heavy weight division at your height and then yes, you'd be in business for a peek-a-boo. Peek-a-boo just means you are the dangerous one on the inside, and your fight means you want to stay on the inside as a constant threat while having pervasive defenses to scare the **** out of the bigger guy at your most critical range. Meanwhile big opponent is trying to claw inwards and cant get leverage for hooks while you are refusing to stay out of range where his long range ****nal is optimum. I like Peek-a-boo but I wish I hadnt kept these types of dimensions being a shorter southpaw. You need to have ridiculous amount of gas as well and a will to hammer them early on while 'shrinking' into a very compact defense. Peek a boo is a smaller man's style, strictly speaking.

like above poster said - dont do it.
You can always do drills on the bob and weave line if you enjoy the head movement. good defenses is an addictive trait I know